Diablo Closes Recent Funding Round with $28 Million

Diablo Technologies, a local technology company located in the U.S has recently closed one of the largest funding rounds among local companies in the U.S. Located in Ottawa with 40 employees, the company plans to increase its number of employees to 60 in the coming year. The company was founded in 2003 and delivers products that help enhance the capability and performance of memory system design.

Having received $28 million from several European and U.S investors, the technology company now plans to use these funds in the completion of Memory Channel Storage, its new platform in technology.

This platform can use flash storage and local memory in Tandem. It can also be used for sever based enterprise computing applications like cloud computing, analytical data processing and web page serving. Not many details have been made public regarding this platform. Dan Miller, Diablo’s media spokesperson declares that the platform will be released early in the next year.

The funding was mainly led by the American firm Battery Ventures which invests in worldwide innovations and technology, apart from additional funding by firms like BDC venture Capital, Hasso Plattner Ventures and Celtic House Venture Partners.Scott Tobin and Alex Benik will now be added to the company’s board of directors apart from Yaron Valler from Hasso Plattner Venture partners.

"Storage is undergoing the type of a technological revolution that we see only once every few decades, and it's an exciting time to be involved with the entrepreneurs and technologists who are leading this new wave," stated Mr. Tobin, as reported by obj.ca.com.

The company had also received an earlier funding from Montreal’s GTI capital and a seed funding from the business development bank of Canada.

“With this equity funding we are accelerating the completion of a system solution including hardware, software and a chip-set that will deliver breakthroughs in system performance and flash storage density,” Diablo’s founder and CEO Riccardo Badalone states.